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Tax Relief for Texas Wildfire Victims and Livestock Owners.

This act aims to assist individuals affected by the Texas Panhandle wildfires in February and March 2024. It introduces tax exemptions for compensation received due to these fires. Additionally, it makes it easier for livestock owners to defer taxes on animal sales caused by fires, treating it as an involuntary conversion.
Key points
Compensation for losses from Texas Panhandle wildfires (e.g., Smokehouse Creek Fire) is exempt from income tax.
This exemption applies to funds received from government agencies, Xcel Energy, or their insurers for losses, damages, real estate costs, or value depreciation.
Livestock owners who sold animals due to fires can defer tax on the profit from these sales if they purchase replacement animals within a specific timeframe.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_1169
Sponsor: Rep. Jackson, Ronny [R-TX-13]
Process start date: 2025-02-10
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Wildfire Victim Tax Relief and Recovery Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_1169.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2025-02-10.

What are the main provisions?

Key points include:

  • Compensation for losses from Texas Panhandle wildfires (e.g., Smokehouse Creek Fire) is exempt from income tax.
  • This exemption applies to funds received from government agencies, Xcel Energy, or their insurers for losses, damages, real estate costs, or value depreciation.
  • Livestock owners who sold animals due to fires can defer tax on the profit from these sales if they purchase replacement animals within a specific timeframe.
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Jackson, Ronny [R-TX-13].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-22.

CATEGORIES

Taxes Environment Agriculture